Iran diversifies oil export markets to counteract Western sanctions, enhance its oil revenues

(MENAFN) Iran has been actively diversifying its oil export markets in an effort to counteract Western sanctions and enhance its oil revenues. The country has recently started exporting crude oil to new destinations, including Bangladesh and Oman, as part of its strategy to circumvent U.S. sanctions re-imposed in 2018 under former President Donald Trump in response to Iran's nuclear program.

The expansion of Iran's oil trade comes as the country seeks to maximize its oil production and exports, given its exemption from output quotas set by the Organization of the Petroleum Exporting Countries (OPEC). Oil Minister Javad Oji disclosed in July that Iran is currently selling crude oil to 17 countries, including some in Europe.

One notable shipment involved the Golden Eagle tanker, which was observed near the port of Chittagong in Bangladesh earlier this year. This vessel reportedly received oil from another ship that had loaded the cargo at Iran’s Kharg Island. According to Claire Jungman from the U.S. advocacy group United Against Nuclear Iran, the Golden Eagle then transferred parts of the cargo to smaller tankers in ship-to-ship operations near Chittagong in April. This shipment to Bangladesh was confirmed by independent tracking sources.

Despite this confirmation, an official with the state-owned Bangladesh Petroleum Corporation, which operates the country's main refinery, indicated that the corporation did not purchase the cargo and that identifying the buyer has been challenging. Attempts to reach the Liberia-based owner and manager of the Golden Eagle listed in shipping databases were unsuccessful, and Iranian officials have not yet responded to requests for comment.

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